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This is a Bill, not an Act. For current law, see the Acts databases.
ASIAN DEVELOPMENT BANK (ADDITIONAL SUBSCRIPTION) BILL 2009
2008-2009
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Asian Development Bank (Additional
Subscription) Bill 2009
No. , 2009
(Treasury)
A Bill for an Act relating to the subscription by
Australia for additional shares in the capital stock
of the Asian Development Bank, and for related
purposes
i Asian Development Bank (Additional Subscription) Bill 2009 No. , 2009
Contents
1 Short
title
...........................................................................................
1
2 Commencement
.................................................................................
1
3 Definitions
.........................................................................................
2
4
Treasurer may make agreement for purchase of additional
shares ................................................................................................. 2
5
Issue of promissory notes .................................................................. 2
6 Appropriation
.....................................................................................
3
Asian Development Bank (Additional Subscription) Bill 2009 No. , 2009 1
A Bill for an Act relating to the subscription by
1
Australia for additional shares in the capital stock
2
of the Asian Development Bank, and for related
3
purposes
4
The Parliament of Australia enacts:
5
1 Short title
6
This Act may be cited as the Asian Development Bank (Additional
7
Subscription) Act 2009.
8
2 Commencement
9
This Act commences on the day this Act receives the Royal
10
Assent.
11
Section 3
2 Asian Development Bank (Additional Subscription) Bill 2009 No. , 2009
3 Definitions
1
In this Act:
2
Agreement means the Agreement establishing the Asian
3
Development Bank, a copy of which is set out in the Schedule to
4
the Asian Development Bank Act 1966.
5
Bank means the Asian Development Bank established by the
6
Agreement.
7
callable shares has the same meaning as in the Agreement.
8
paid-in shares has the same meaning as in the Agreement.
9
4 Treasurer may make agreement for purchase of additional shares
10
(1) The Treasurer may, on behalf of Australia, make an agreement or
11
agreements with the Bank for the purchase by Australia of the
12
following shares of the capital stock of the Bank at a price per
13
share that is the equivalent of 12,063.50 United States dollars:
14
(a) 16,379 additional paid-in shares;
15
(b) 393,101 additional callable shares.
16
(2) Subject to this Act, an agreement made under subsection (1) may
17
contain such terms and conditions as the Treasurer determines.
18
5 Issue of promissory notes
19
(1) The Treasurer may, on behalf of Australia, make promissory notes
20
and issue them to the Bank, for the purposes of making any
21
payment that is to be made by Australia to the Bank under an
22
agreement made under subsection 4(1).
23
(2) A promissory note made under subsection (1) is to be:
24
(a)
non-negotiable;
and
25
(b)
non-interest-bearing;
and
26
(c) payable to the Bank at par value upon demand.
27
Section 6
Asian Development Bank (Additional Subscription) Bill 2009 No. , 2009 3
(3) Section 5 of the Asian Development Bank Act 1966 does not apply
1
in relation to a payment that is to be made by Australia to the Bank
2
under an agreement made under subsection 4(1).
3
6 Appropriation
4
The money necessary for making a payment for the purposes of an
5
agreement made under subsection 4(1) (including any payment that
6
is to be made under a promissory note made under subsection 5(1))
7
is to be paid out of the Consolidated Revenue Fund, which is
8
appropriated accordingly.
9